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An expansion into wholesale, online and new services for customers could generate millions more in profit and make Morrisons a “broader, stronger” business, the grocer has claimed.

Britain’s fourth-biggest supermarket believes it can grow underlying profits by between £50m and £100m a year in the “medium term” by expanding its wholesale offering through deals such as its recently announced tie-up with Amazon, under which it will supply fresh food to the internet giant.

Morrisons also sees an opportunity to grow its ecommerce arm, operated by Ocado, as it currently holds only a 3.8pc share of the UK’s online grocery market, reaching just over half of British households. Further in-store elements,...